RippleNet has partnered with National Bank of Egypt and UAE-based payment services firm LuLu International Exchange for the processing of cross-border funds transfers from the United Arab Emirates to Egypt.
Fast Facts:
- RippleNet, National Bank of Egypt and LuLu International Exchange say they aim to make the cross-border payment process cheaper, quicker and more reliable.
- Gulf states such as the UAE are host to large populations of Egyptian workers, who collective remitted US$24 billion to their home country in 2020, making Egypt one of the top five remittance destinations globally after India, China, Mexico and the Philippines.
- LuLu International Exchange has more than 180 branches worldwide in countries including Oman, Kuwait, Qatar, Bahrain, India, Bangladesh, the Philippines and Singapore.